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2025-09-17 17:39:07
[German government bond auction: yields soared, but demand unexpectedly cooled] ⑴ On Tuesday, Germany issued two incremental auctions of 30-year government bonds. The first auction issued €78.6 million of 1.25% coupon bonds with an average yield of 3.18%, higher than the previous 2.96%. ⑵ Despite the increase in yields, the bid/cover ratio (Bid/Cover) of this auction was 1.5, an increase from 1.3 in the previous auction, indicating a certain degree of demand. ⑶ The second auction that followed issued €1.13 billion of 2.90% coupon bonds, with the average yield further climbing to 3.25%, much higher than the previous 2.96%. ⑷ However, the bid/cover ratio of the second auction dropped significantly to 1.8, lower than the previous 1.3, indicating that the market demand for this high-yield government bond was relatively weakened.
